Top Trade Ideas for the Week of April 14, 2014: The Rest

• Posted by Greg Harmon
• on April 13th, 2014

Here are the Rest of the Top 10:

Atwood Oceanics, Ticker: $ATW

Atwood Oceanics, $ATW, is pushing lower against support for the third time since February. It has a Relative Strength Index (RSI) that is bearish and falling with a MACD that is also falling, both supporting more downside price action.

BorgWarner, Ticker: $BWA

BorgWarner, $BWA, is making a new low as it breaks below the 50 day Simple Moving Average(SMA). It also has a falling RSI, on the verge of moving into the bearish range, and a MACD that continues to fall.

Ctrip, Ticker: $CTRP

Ctrip, $CTRP, moved higher off of a bottom below the 200 day SMA in mid February. Since then it pulled back and held at the 200 day SMA and rebounded. A higher low. Now it is at resistance after a shorter term pullback and bounce. The RSI is bullish and the MACD rising to support more upside price action.

Dr. Pepper Snapple, Ticker: $DPS

Dr. Pepper Snapple, $DPS, broke a short consolidation at the lower Bollinger band Friday with a strong red candle. The RSI turned back lower and the MACD is running hard top the downside. The move also took it below the 50 day SMA. Looks like more downside to come.

State Street, Ticker: $STT

State Street, $STT, broke below long term support Friday. That is not a good omen for the broad market as it gets most of its earnings based on asset valuations. The RSI is in the bearish zone and falling with a MACD that is falling, both supporting more downside.

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, heading into the shortened Passover and pre-Easter week sees the equity markets looking to continue lower. Elsewhere look for Gold and Crude Oil to continue their moves higher. The US Dollar Index looks weak and headed lower, but with support nearby while US Treasuries may be ready to break the long consolidation to the upside. The Shanghai Composite and Emerging Markets look strong with a chance that Emerging Markets consolidate for a bit. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, but it is biased to the upside and under watch. The equity index ETF’s themselves show no signs of a reversal higher, only a continuation lower. They all still have room to major trend reversal levels but it appears the short term direction is firmly lower. Use this information as you prepare for the coming week and trad’em well.

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